Jeremy Ng and Eugene Ng — Gemini's ex-Asia Pacific head and former head of business development for the region, respectively — unveiled a new crypto startup called OpenEden to offer exposure to tokenized Treasury Bills (T-Bills).
OpenEden was established early last year and comes out of stealth today with its first product launch, according to a statement shared with The Block on Monday. The product, dubbed OpenEden T-Bill vault, lets USDC stablecoin holders mint the "TBILL" token and earn a yield.
The launch comes amid a high interest-rate environment and stablecoins sitting on the sidelines due to challenging market conditions. There is also "increased distrust" with banks and centralized platforms following collapses, so this is the right time to launch the vault, Eugene Ng told The Block in an interview.
(by Yogita Khatri)
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